Early Life and Education
Sir Philip Nigel Ross Green was born on March 15, 1952, in Croydon, England, to a middle-class Jewish family. His father was a successful property developer and electrical goods retailer. At the age of 12, his father died, and Philip inherited the family business. He attended Carmel College, a Jewish boarding school, but left without completing his O-levels at 15.
Early Career
Green began his career at 21, importing jeans from the Far East and selling them to retailers in London with a family loan. His entrepreneurial spirit led him to acquire and turn around struggling businesses. In 1979, he acquired stocks from ten bankrupt fashion retailers. His early ventures shaped the foundation of his future retail empire.
Rise to Success: Arcadia Group
In 2000, Green bought British Home Stores (BHS). In 2002, his company Taveta Investments, acquired the Arcadia Group for £840 million. Arcadia Group included fashion brands such as Topshop, Topman, Miss Selfridge, Dorothy Perkins, and Burton. He became a dominant figure in the UK retail market, earning the nickname “King of the High Street.” In 2006, he was knighted for services to the retail industry.
Key Business Strategies
Green's strategy involved acquiring struggling retail businesses, restructuring them, and implementing aggressive financial tactics. He was known for high-profile acquisitions and expansions, which drove rapid growth. These strategies, however, also led to controversy and scrutiny of his business practices.
Controversies and Decline
His career was marked by several controversies, including the demise of BHS in 2016, which resulted in a significant pension deficit. In 2018, allegations of sexual harassment and racial abuse surfaced. The Arcadia Group entered administration in 2020, with ASOS acquiring Topshop, Topman, and Miss Selfridge brands in 2021, signaling a major decline in his business empire. His net worth has decreased.
Philanthropy
Green supports the Fashion Retail Academy and Retail Trust. In 2007, he donated £250,000 to help find Madeleine McCann. He gave the McCann's the use of his private jet to allow them to fly to Rome. In 2010, he donated $465,000 for new beds at the Royal Marsden Cancer Hospital. He has contributed to various charitable causes throughout his career.